Intelligent Medicine Acquisition Corp. Announces It Will Redeem Its Public Shares
26 Aprile 2023 - 2:30PM
Business Wire
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) (the
“Company”), a blank-check company formed for the purpose of
acquiring or merging with one or more businesses, today announced
that because the Company does not believe it will be able to
consummate an initial business combination within the time period
required by its Amended and Restated Certificate of Incorporation
(the “Charter”), the Company intends to dissolve and liquidate in
accordance with the provisions of the Charter, and will redeem all
of the outstanding shares of Class A common stock that were
included in the units issued in its initial public offering (the
“Public Shares”), at a per-share redemption price of approximately
$11.22 based on the amount in trust (before any withdrawals for
taxes and dissolution expenses) as of April 24, 2023.
Following the redemption, the Public Shares will be deemed
cancelled and will represent only the right to receive the
redemption amount.
In order to provide for the disbursement of funds from the trust
account, the Company will instruct the trustee of the trust account
to take all necessary actions to liquidate the securities held in
the trust account. The proceeds of the trust account will be held
in a non-interest bearing account while awaiting disbursement to
the holders of the Public Shares. Record holders will receive their
pro rata portion of the proceeds of the trust account, less
$100,000 of interest to pay dissolution expenses and net of taxes
payable, by delivering their Public Shares to Continental Stock
Transfer & Trust Company, the Company’s transfer agent.
Beneficial owners of Public Shares held in “street name,” however,
will not need to take any action in order to receive the redemption
amount. The redemption of the Public Shares is expected to be
completed within ten business days after April 27, 2023.
The Company’s sponsors have agreed to waive their redemption
rights with respect to their shares of common stock of the Company.
There will be no redemption rights or liquidating distributions
with respect to the Company’s warrants, which will expire
worthless.
Nasdaq Stock Market LLC (“Nasdaq”) will suspend trading of the
Company’s shares at the open of business on April 27, 2023. The
Company expects that Nasdaq will file a Form 25 with the United
States Securities and Exchange Commission (the “Commission”) to
delist the Company’s securities. The Company thereafter expects to
file a Form 15 with the Commission to terminate the registration of
its securities under the Securities Exchange Act of 1934, as
amended.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements.” Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s annual report on Form 10-K filed
with the SEC and subsequent reports filed with the SEC, as amended
from time to time. Copies of these documents are available on the
SEC’s website, at www.sec.gov. The Company undertakes no obligation
to update these statements for revisions or changes after the date
of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230426005403/en/
Brian Ruby, ICR, brian.ruby@icrinc.com
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